₦airaland Forum

sinistermind:
What some people don't understand is that even if Dollar goes down to 150naira, it doesn't concern the ordinary Nigerian man, unless price simple food items go back to normal. So as long as everything is still on the high side, Nigeria is still in recession to these ordinary Nigerians.

If they can sustain the supply of dollars prices will definetly come back

kahal29:
The Naira, Tuesday, appreciated further to N420 per dollar in the parallel market prompted by increased dollar supply and declining demand.

Vanguard investigations revealed that the parallel market exchange rate, which closed N430 per dollar on Monday, dropped by N15, yesterday, to N420 per dollar. Consequently, the Naira has appreciated against the Dollar by N25 or 5.6 per cent, this week.
According to a Bureaux De Change (BDC) chief executive, who spoke on condition of anonymity, the market is experiencing boost in dollar supply due to the sustained intervention of the CBN in the foreign exchange market.

Also confirming this development, President, Association of Bureaux De Change Operators of Nigeria (ABCON), Alhaji Aminu Gwadabe said this trend will continue provided the apex bank sustains its intervention in the interbank market. He however urged the CBN to also consider increasing weekly dollar sale to BDCs as well as aligning the exchange rate at which they purchase the dollar to the rate at which the CBN sells to the banks. The CBN sells dollars to BDCs at N381 per dollar while it sells to banks at exchange rate ranging from N315 to N360 per dollar.

Since Monday February 20th 2017, when it announced new measures to boost dollar supply and forestall the declining fortunes of the naira in the parallel market, the CBN has injected $2.26 billion by intervening in the forex market 11 times as follows:

Tuesday February 21st, $417 million; Thursday February 23rd, $231 million; Monday February 27th, $180 million; Friday March 3, $350 million; Monday March 6, N367 million; Tuesday March 7, $100 million; Thursday March 9, $170 million; Tuesday March 14, $190 million; Wednesday March 14, $150 million; Thursday March 16, $100 million and Monday March 20, $143 million.


http://www.vanguardngr.com/2017/03/naira-watch-naira-rises-n420/

Good, ajaa 4 naira ti fe gbera.

sinistermind:
What some people don't understand is that even if Dollar goes down to 150naira, it doesn't concern the ordinary Nigerian man, unless price simple food items go back to normal. So as long as everything is still on the high side, Nigeria is still in recession to these ordinary Nigerians.

what's wrong with people like you? Why did price of some of the stuff go up? They can't get forex and naira fell to the dollar. You were calling for buhari's head for making naira to fall and that's the biggest problem of nigeria. Now you're shifting post and singing another song.

veekid:
Osinbajo has started ruling again; I guess

i love ur sarcasm.........the naysayers and bubu haters wont like dis

Good news this morning

We have gone back to what GEJ did. Unfortunately, it took 20 months and Bubu going on medical leave

sinistermind:
What some people don't understand is that even if Dollar goes down to 150naira, it doesn't concern the ordinary Nigerian man, unless price simple food items go back to normal. So as long as everything is still on the high side, Nigeria is still in recession to these ordinary Nigerians.

and it didn't occur to you that if the price of dollar goes down, the inflation will go down as well??

Lapyte:
Cbn should not sell to bdc at the rate they sell to banks,let people go to the bank besides this bdc guys are not always loyal

Nigerians! we know our problems, lack of will and might to address them has been killing us.

Good news this morning. Unfortunately it took 20 months and Bubu going on medical leave before the government decided to do what GEJ did

veekid:
Osinbajo has started ruling again; I guess

buhari has nothing to offer and Osinbanjo has proven that.

Igbonoid:
Well said my brother.. What has the poor man got to do with dollar whether high or low. Some have never seen or touched it in real life self.

Nobody is talking about touching dollars. What do we produce in Nigeria. We import virtually everything. If the exchange rate is high, prices of common commodity will definitely be high.

For instance, why was the price fuel increased? Electronics are high, even the food you are talking about, your rent etc. Inflation will set in.

Singing "Things are getting better..."

Igbonoid:
Well said my brother.. What has the poor man got to do with dollar whether high or low. Some have never seen or touched it in real life self.

Really? Poor man has got nothing to do with dollar price?

Tiri Gbosa for you

Does it now mean the more money is pumk into the forex kini kun the more dollar depreciate

Good news! But the govt must find a lasting solution rather this pumping of our foreign reserve into the forex market. $1=N160 should be their target.

World Economics said yesterday that we are out of recession. It was funny. It's like a doctor telling a patient who is still in excruciating pain to go home that his/her sickness is gone already. Is the doctor not joking?

VERY GOOD MOVE

You mean $1 is now N1

Getting there

Jengem:
I hope they sustain it

It should fall

But cbn is only helping banks make money

The spread between the rate at which cbn sells to bank (320) and then bank now sells to customers (375) is too high

My bank charge 320

Now we just need prices of goods and services to drop too. Dazzal. If not it won't make any meaning

Lapyte:
Cbn should not sell to bdc at the rate they sell to banks,let people go to the bank besides this bdc guys are not always loyal

by the time bdc rate equals black marketers,CBN can further reduce the rate at which they sell to BDC until BDC equates bank rate

Jengem:
I hope they sustain it

It should fall

But cbn is only helping banks make money

The spread between the rate at which cbn sells to bank (320) and then bank now sells to customers (375) is too high

Can anybody buy dollar from bank easily at 375? I need to buy $10,000.

Hope this downward trend of dollars will be sustained

martineverest:
i love ur sarcasm.........the naysayers and bubu haters wont like dis

Buhari has nothing to offer. Period. Osinbajo has proven that already. Why has all the meetings with southern region suddenly stopped?

Nonsense

FavoredGuy:
Good news! But the govt must find a lasting solution rather this pumping of our foreign reserve into the forex market. $1=N160 should be their target.

World Economics said yesterday that we are out of recession. It was funny. It's like a doctor telling a patient who is still in excruciating pain to go home that his/her sickness is gone already. Is the doctor not joking?

that is what they call 'placebo effect'.it works medically,and its what CBN is using on hoarders and comsumers,psychologically

Nothing special.

Even any fool can perform better, even making one dollar to be one hundred naira.
Just needed to push billions of dollars into the forex market.

The economy is still bad. The government has no direction how to make economy better.

Caseless:
Slowly, but surely, we are getting there. I urge cbn to maintain the tempo of injecting more forex into the space and prevent the free fall of naira in the interim while we try to create import-export balance.

Stop being funny, bro.
How can you create import-export balance when it is easier to steal money under the dullard's watch with his CABALocracy friends getting $ at the rate of N3 while he pads budget anyhow for himself?
Stop the joke please.

Omoedeki:
While Nigerians are still speculating the actual reason behind the sudden appreciation of the Naira over major International currencies since February 20, 2017 and Central Bank of Nigeria (CBN) sudden change of policy, Mr Babatunde Gbadamosi, a Lagos Businessman and former governorship candidate, who exposed in details the monumental organized foreign currency fraud by the Buhari government and officials of CBN was arrested and still detained by the Department of Security Services (DSS) since February 22, 2017.

In a social media video which went viral, Mr Gbadamosi frowned at the shabby practices where those that genuinely need foreign currencies for Business are not provided with any, while the President's allies and the cronies of CBN big-wigs are receiving them at ridiculous low rates of N3/$1.
Every effort to secure Mr Gbadamosi's release has proved abortive. The DSS has ensure that no one visits or see the incarcerated voice of the Nigerian opposition in the secret detention center he was dumped six days ago and sources close to Hope For Nigeria within the secret police headquarters in Abuja are claiming that Gbadamosi was accused of blackmailing the Central Bank of Nigeria and the Government by releasing those classified information about forex sales.
Regrettably, while Mr Babatunde Gbadamosi is languishing in DSS secret detention center for saving Nigeria from the forex mafia, Nigerians are giving the glory to the acting President Osibanjo who raised no finger in the new development where the CBN suspended forex sales to cronies and allies of President Buhari and sudden revert to the polices of the former President Goodluck Jonathan, where the Naira is protected with our external reserve.
Re-echoing the concern of Nigerians including that of the former CBN governor and the Emir of Kano, Sanusi Lamido who revealed the operation of over 20 different foreign exchange rates by the CBN and some Nigerians making billions of Naira daily from their gardens trading dollar they bought at an alarming low rates, Mr Gbadamosi demanded that these sharp practices should stop in other for the country to survive the self-induced recession.

Gbadamosi quoting various media sources in the Video, stated that the CBN was selling forex to some close allies of President Muhammadu Buhari for as low as N3 to $1 through what is called Bills of Collection. People where given Dollars with cold claims that their Form M was filled and submitted like 35 years ago but forex was not released. They cartel only has to claim that they made their importation in 1985 but forex was not released to you despite submitting duly completed Form M.
With all documents perfected, the forex will then be released at the prevailing rate in 1985. They will get $3 million at N5/ $1 and selling to end users at say N480/ $1. The said customer will be making about N1.425billion in one transaction.
He listed transactions by some individuals that got $4,327 at the rate of N23.34 to $1 through “credit card payment” for “invisible” purpose and under “invisible sector”. A bank also got $3,589.11 at the rate of N3.19 to $1 also for “invisible” purposes and under “invisible” sector. There was a transaction involving sale of $66.72 at the rate of N0.62 to $1. There was also a sale of $5.56 to a company at the rate of N0.61 also for “invisible” purposes. A particular transaction also involved the sale of $570.8 at the rate N3.17.
In contrast, there was a company, who purchased $1,462,480.83 at the rate of N425 to $1. The document shows that individuals and companies got foreign exchange for purposes ranging from importation, PTA, school fees, “invisible”, family maintenance allowances, mortgage payments and medical travel among others.
This video lead the Attorney General of the Federation and Minister of Justice, Mr. Abubakar Malami (SAN), to query the CBN Governor, Mr. Godwin Emefiele, demanding “prompt response” to the allegations of corruption in the CBN’s foreign exchange allocation and transactions. Multiple Petitions against the CBN indicated how some companies and individuals got foreign exchange in US dollars at the rates as low as low as N0.61 to $1 while others got it in rates that were as high as N470 to $1.

Malami, in the letter, dated February 6, 2017, and with reference number, HAGF/CBN/2017/VOL.1/1, asked Emefiele to respond to the allegations “to enable us to advise the Presidency and take appropriate measures.”
Titled ‘allegations of racketeering in the Central Bank of Nigeria; disparity in allocation of foreign exchange’, and addressed to Emefiele, the letter was delivered to the CBN governor’s office on Monday.
The allegations in the attorney general's letter to Emefiele includes:-
alleged corruption in the apex bank’s “foreign exchange allocation transactions.
2. questionable policy in CBN’s allocation and sale of foreign currency to Nigerians.
3. arbitrary allotment of different exchange rates for same purposes.
4. allocation of conflicting foreign exchange rates.
The DSS has not charged Mr Gbadamosi after six days of arrest and they denied him medical attention, family visits and rejected the request for his lawyers to see him or be informed of the reason for his arrest.
It is shocking to note that Nigerians are enjoying the appreciation of the Naira over major currencies and praising the CBN and the government that overseas the foreign currency fraud that almost crippled the Nigerian economy while the man who scarified neck for us, is under chain and locked up in secret detention center

http://www.hopefornigeriaonline.com/breaking-naira-gains-dss-still-detaining-mr-gbadamosi-exposed-govt-forex-fraud/

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This thing nor good for yahoo boys o

The President didn't paln it well, if they do there would be no recession and dollar will rise just a little, i.e. Dos who want to stop d importation of rice, they should import rice that can make us survive for years before closing d border and then started working hard on our own rice

There is widespread hunger in nigeria.

ipain:
Buhari has nothing to offer. Period. Osinbajo has proven that already. Why has all the meetings with southern region suddenly stopped?

Nonsense

ode,y southern region?...are we not one nigeria?

anonimi:
Stop being funny, bro.
How can you create import-export balance when it is easier to steal money under the dullard's watch with his CABALocracy friends getting $ at the rate of N3 while he pads budget anyhow for himself?
Stop the joke please.





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this is the most watery claim ever.